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Holiday Haze

By adminOn 12-16-2013

The week of December 9th – 13th, we find ourselves firmly entrenched in the holiday haze. Most of us have holiday parties to attend, travel plans to arrange, and last minute shopping to do. But, while some of us are focused on the impending holiday, others are taking this opportunity to snap up Chicago foreclosures for a steal.

Chicagoland foreclosures dropped from 82 properties sold to investors during the first week of December to 76 properties sold last week. The drop isn’t really cause for concern, though. 76 is a fairly healthy number for this time of year, and especially during the lead-up to Christmas. Still, it’s encouraging to see people still out at the auctions and keeping an eye on Chicago real estate.

Plus, not only are people buying properties, they are buying properties in unexpected places. Last week showed some interesting trends, especially in Dupage and Kane County. Dupage, as the second largest county after Cook, is usually second largest in properties sold to investors. However, last week we saw Dupage County sell only 7 properties, while the usually slow-moving Kane County sold an impressive 14!

One property sold for almost half its Zillow estimated price in Elgin on December 12th. Originally priced at $41,014, the condo sold for a mere $25,740. The one bedroom, one bath apartment is a ground floor unit with central air and heating that sold for $100,000 in November 2005.